Binance Hit by Alleged $6.3 Billion Bitcoin Heist; Exchange Freezes $3 Billion in Affected Assets

Binance and founder Changpeng Zhao, long accused of enabling crypto crime, have become victims of what appears to be the largest cryptocurrency heist in history. A hacking group, possibly from North Korea, allegedly stole an estimated $6.3 billion in bitcoin from the exchange's customers on Thursday. Binance said Friday it is beginning to recover user money and, working with blockchain partners, has frozen roughly $3 billion in affected assets. Zhao posted on X that "User funds are safe!" Blockchain intelligence firm TRM attributed the heist most likely to TraderTraitor, which it described as North Korea's elite hacking unit. Pyongyang has repeatedly turned to crypto to evade U.N. sanctions, experts say. Founded in 2017 by Zhao, Binance grew into the world's largest crypto exchange by trade volume, surpassing Coinbase and FTX. Zhao pleaded guilty in 2024 to violating the Bank Secrecy Act, stepped down as CEO and served four months in prison; President Donald Trump pardoned him last October. Binance has denied any quid pro quo.